I cannot afford to pay closing costs will i have a hard time selling my home?

Asked by PrettyinPink, Oklahoma City, OK Tue Jun 23, 2009

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Lanell White, Agent, Oklahoma City, OK
Wed Oct 20, 2010
Hello Again PrettyinPink,

When selling a home, there are certain expenses the Seller is required to pay. With a normal sale, these expenses are taken out of your proceeds at closing and nothing need come out of your pocket. However, if your property sells for less than what it costs to pay off your current loan and cover these costs, you may have to bring money to closing to cover them. There is really no way to say how much you will need to net out of your home until a thorough market analysis and expense estimate are completed. Please call me and I will be happy to do some research and go over everything with you.

LaNell White
Red Mountain Realty
1601 SW 89th Bldg C Suite 400
Oklahoma City, OK 73159
Office 405 688-5555 Cell 405 833-1445
Email: lanellwhite@dishmail.net
Website: http://LaNellWhite.Point2Agent.com
0 votes
John Stimson, Agent, Oklahoma City, OK
Tue Sep 22, 2009
You need to talk to a Realtor to discuss with you your situation and what your options are. Depending on what the answers are will depend on how to go about selling your home.
I would be happy to sit down and discuss the situation with you if you are interested.
John Stimson
Prudential Alliance Realty
0 votes
Paul and Greg…, Agent, Oklahoma City, OK
Wed Jun 24, 2009
You are asking a question that many others should but don't understand. The bottom line is what will YOU put in your pocket after closing or how much will you need to bring to closing to get the home sold and closed, how you get there can be many different ways. Many factors go into selling, condition of your home, age, area selling prices, current mortgage balance, Realtor commission and fee's etc. Almost everything is negotiable and once you have good numbers to look over you can make a sound decision and discuss options. Whether it's offering some buyers closing costs, commission adjustments, other incentives as stated or just selling at a reasonable price with resonable expectations.
Contact a Realtor who will do a market analysis, show you the latest sales information in your area, give you an estimated cost break down including the payoff of your mortgage (Seller's Net Sheet) , then armed with that information you can make a sound decision. Best of luck to you.
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Jace Thoreson, , Edmond, OK
Tue Jun 23, 2009
I wasn't real sure what you meant by the question, did you mean closing costs as far as the typical Seller costs, or closing costs as far as the buyers closing costs?

If you can't afford the typical sellers closing costs and you owe about what homes like yours are selling for then you will have a hard time because you would have to ask more for your home than what others are selling for. Which means that even if your home sold for more than the others it would still hinge on the appraiser saying it was worth more than all the others that were just like it. To see if this would be an issue you would need a highest price analysis as well as a customized net sheet for your situation.

If you can't afford the buyers closing costs and every home around you is willing to pay buyers closing costs then you would need to find something else that would offset that difference. For example, if all the other homes are offering $2,000 in buyers closing costs and you live on an acreage maybe you could pay $500 in buyers costs and offer to leave your riding mower or something along those lines. Also the closing costs are a negotiable part of a contract, if they want $2,000 and you simply don't have it or can't borrow it then you can always counter back increasing the offer price by $2,000 to offset those costs.

There are several different ways to handle everything and depends on your individual situation, your property location, and what other properties are doing that are similar to yours. If I can help with anything else don't hesitate to email me at SellYourHome@Century21.com or my cell at 405-570-7585.
Web Reference:  http://www.OKLocations.com
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Dean Schrock, , 74074
Tue Jun 23, 2009
Many time paid closing costs can be an added incentive to selling your property but that is not the only thing buyers look for. If you have a clean upkept home then it should sell itself without having to "convince" a buyer to buy it with the closing costs. Your Realtor should have some helpful advice during negotiations to overcome the closing cost issue.

As a Realtor I would be willing to cut part of my commission to close the deal if that was all that was holding back the sale. I would rather make my clients happy than recieving a full paycheck.

I wish you the best of luck in these hard times and I am sure your Realtor will find a buyer for you. If you need anything else don't hesitate to call or send me an email.

Dean Schrock
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Ryan Hukill, Agent, Oklahoma City, OK
Tue Jun 23, 2009
It depends on what the market is doing in your immediate area right now. You need a thorough, comprehensive market analysis with an estimate of expenses that will show you what your overall out-of-pocket expense will be to get your home sold. If you'd like more information, please visit my website at the link below and I'll be happy to help.
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